WORLD FURNITURE OUTLOOK 2010/2011 W0a-2010
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1 WORLD FURNITURE OUTLOOK 21/211 Wa-21 ABSTRACT PREVIEW FURNITURE DISTRIBUTION SOFT FURNITURE Authors Alessandra Tracogna, Stefania Pelizzari, Ugo Finzi (Senior Advisor) CONTRACT OFFICE Editorial closing date April 21 KITCHEN All queries BATHROOM OUTDOOR CSIL Milano scrl 15 corso Monforte 2122 Milano Italy tel fax csil@csilmilano.com MAJOR APPLIANCES LIGHTING FIXTURES Copyright CSIL All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise. Any such action is an infringement of Italian Law (L.18 August 2 no. 248) and may give rise to legal action for damages and may be prosecuted as a criminal offence. All the information in this report is verified to the best of the author's and the publisher's ability. However, CSIL does not accept responsibility for any errors and/or omissions resulting from any source or for any loss arising from reliance on it.
2 WORLD FURNITURE OUTLOOK SUMMARY The world furniture market World production of furniture is worth about US$ 376 billion 2. This estimate is based on CSIL processing of data from official sources, both national and international, that cover the 6 most important countries. Figure 1 World furniture production United States 15% Other Middle and Low Income Countries 11% Vietnam 1% Brazil 2% Middle and Low Income countries (42%) Source: CSIL Poland Italy Germany 7% Japan France Canada United Kingdom Other high income countries 16% China 25% High Income Countries (5) The seven major industrial economies (which are, in order of furniture production, the United States, Italy, Germany, Japan, France, Canada and the United Kingdom) together produce about US$ 159 billion. The furniture production of all high income countries combined covers 5 of the world total. Furniture production in middle and low income countries currently amounts to 42% of the world total in value. There are three countries (China, Poland and Vietnam) where production is increasing rapidly thanks to recent investments in new plants especially designed and built for exports. World furniture trade basically involves 6 countries, which are the subject of this report and of the World Furniture Indicators. The leading importers are the United States, Germany, France and the United Kingdom. The major exporters are China, Italy, Germany and Poland. 1 Updated as of April 21 2 All data in the report are in current US$. Copyright 21 CSIL
3 Figure 2 Five major furniture importing countries. Imports, Current US$ billion United States Germany France United Kingdom Canada Source: CSIL processing of United Nations, Eurostat and national data In the 2-27 period there was a very large increase in the imports of the United States (from US$ 15 billion to US$ 26 billion in current dollars) and of the United Kingdom (from US$ 3 billion to US$ 9 billion in current dollars), and smaller increases in France and Germany. The recession in the US caused a substantial decrease in furniture imports (from US$ 26 billion in 27 to about US$ 24 billion in 28 and 19 billion in 29). The beginning of the recovery is expected in 21 followed by full resumption of growth of imports in 211. Copyright 21 CSIL
4 Figure 3 Five major furniture exporting countries. Exports, Current US$ billion China Italy Germany Poland United States Source: CSIL processing of United Nations, Eurostat and national data The most important structural phenomenon of the past decade was the increased degree of openness of the furniture markets (measured as the ratio between imports and consumption, which for the entire world rose from 24% in 2 to in 28) The world economy in 21 and 211 The World Furniture Outlook assumes that the international scenario in 21 and 211 will be as follows: Table 1 Evolution of world GDP. Annual percentage change in real terms World 3.9% 4. Advanced economies 2.1% 2.4% Source: IMF, Overview of the World Economic Outlook Projections, Global Economic Policies and Prospects, January 21 Copyright 21 CSIL
5 World trade of furniture (in current US dollars) is estimated to have dropped by 2% in 29 and is expected to resume growth in 21 (+2%) and in 211 (+5%). World trade of furniture would then amount to about US$ 92 billion in 29, to US$ 94 billion in 21 and to US$ 98 billion in 211. Figure 4 World trade of furniture. Current US$ billion and annual percentage changes * 211* 2% % Annual percentage changes 1% % -2% 9% 1% 6% 2% 5% -1% -2% * 211* -2% Source: CSIL * Projected To know more: Press office: govoni@csilmilano.com CSIL Milano scrl 15 corso Monforte 2122 Milano Italy Tel fax csil@csilmilano.com Codice Fiscale e Partita IVA REA Milano
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